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Learning from Fraud Detection: Segmenting AML to Fight Financial Crime

Why do we think about AML as a single idea, when fraud is segmented specifically by customer, channel or loss type? In this insightful session, Jim Richards and Brendan Brothers discuss the limitations of the current one-size-fits-all approach to compliance and anti-money laundering. Learn why segmentation is effective at fighting fraud, and how these lessons can be applied to transform the AML industry.

Learning Objectives
- Review of the limitations of current AML approaches and technologies to -effectively fight financial crime
- Understand how segmentation improves fraud detection and how these lessons can be applied to strengthen anti-money laundering efforts
- Learn how innovative technologies and customer segmentation will transform the AML industry
Recorded Jan 17 2020 60 mins
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Presented by
Brendan Brothers
Presentation preview: Learning from Fraud Detection: Segmenting AML to Fight Financial Crime

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  • Fraud Scams: Red Flags & Best Practices to Prevent Loss Recorded: Mar 27 2020 59 mins
    Scott Peddle, Verafin
    From mass marketing fraud, to romance and work-from-home scams, and even business email compromise, savvy fraudsters are adapting to ever-changing technology and targeting your customers with a variety of illicit tactics, both online and conventional. These fraud schemes are often perpetrated by organized criminal groups and crime rings to inflict millions of dollars in losses.

    Join us as we discuss emerging trends in fraud schemes and how criminals have adapted in order to circumvent improved security and controls in place at financial institutions. We also review red flags and best practices to protect your customers from the damaging financial and emotional effects of falling victim to scams.

    Highlights of this educational webinar include:

    - Evolution of fraud schemes & scams perpetrated through digital channels.
    - Review of common scenarios used to target customers, including red flag indicators for romance scams, employment scams, lottery scams and more.
    - Best practices for loss prevention, early detection, and investigation strategies.
    - Role of technology in fraud mitigation, including cloud data and cross-channel analysis.
  • Banking Marijuana Related Businesses Recorded: Mar 13 2020 49 mins
    Corey Lynch, Verafin
    Presented by Verafin

    As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking marijuana-related businesses (MRBs).

    Thorough Customer Due Diligence on MRBs is critical to ensure your institution is meeting BSA requirements for this high-risk customer category. Your compliance program should include effective procedures for identification, risk assessment, periodic reviews, and ongoing surveillance of Marijuana-related Businesses.
     
    Join us for an informative session on the banking of Marijuana-Related Businesses, with a focus on meeting BSA requirements and refining CDD processes for this growing industry.

    This educational webinar will include:
    - Overview of the scale of the marijuana industry, how derisking impacts the US financial system, and the potential BSA/AML risks of this high-risk customer category.
    - Highlights from U.S. House Financial Services Subcommittee on Consumer Protection and Financial Institutions entitled Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses
    - Review of highlights from FinCEN Guidance, including red flags and BSA compliance obligations for Marijuana-Related Businesses.
    - Discussion on the challenges of Customer Due Diligence for high-risk customers, including identification, risk assessment and scoring, monitoring, and managing risk reviews for Marijuana-Related Businesses.
    - Discussion on the role of data and technology to improve customer due diligence, risk management and compliance processes for Marijuana-Related Businesses.
  • Leveraging Big Data and Collaborative Investigations for Fraud Prevention Recorded: Feb 7 2020 56 mins
    Brendan Brothers, Verafin
    (ACAMS Webinar Rebroadcast)

    In this insightful session, Brendan Brothers, Co-Founder of Verafin and Anti-Financial Crime Specialist, will discuss the evolution of financial crime and how financial institutions can embrace innovative approaches to proactively prevent fraud and combat crime ring activity.

    Brendan will outline how financial institutions can leverage big data, machine learning technology and 314(b) information sharing for effective fraud prevention, including proactive trend identification, reduction in false positive results, and collaborative investigations of multi-institutional crime ring activity.

    Learning Objectives
    - Understand the limitations and challenges of conventional fraud prevention approaches
    - Leveraging big data, machine learning technology, and 314(b) information sharing to mitigate losses and prevent fraud
    - Enhancing detection, strengthening investigations, and improving reporting to law enforcement
  • Elder Financial Abuse Recorded: Jan 31 2020 42 mins
    John Hawkin, Verafin
    Presented by Verafin


    Elder Financial Abuse is a significant and growing problem issue that has devastating effects on individuals and families. Believed to be largely underreported — financial institutions are facing increased responsibility to help combat the exploitation of vulnerable customers.

    Early detection of red flags and timely reporting to law enforcement are critical to protecting elderly customers from financial loss. This was emphasized in the 2011 Advisory from FinCEN, as well as the 2018 Joint Memorandum encouraging coordination among law enforcement, and adult protective service agencies (APS) to protect issued by CFPB, the Department of the Treasury, and FinCEN.

    Join us for this webinar, as we discuss the scale of Elder Financial Exploitation and outline key considerations from industry publications and guidance, including red flag indicators and best practices for reporting.
     
    In this webinar, you will learn:
    - The scale of Elder Financial Exploitation and the challenges of preventing fraud targeting senior customers.
    - Potential Red Flag Indicators of Elder Financial Exploitation from the FinCEN Advisory
    - Best practices for reporting Elder Financial Exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies.
  • Learning from Fraud Detection: Segmenting AML to Fight Financial Crime Recorded: Jan 17 2020 60 mins
    Brendan Brothers
    Why do we think about AML as a single idea, when fraud is segmented specifically by customer, channel or loss type? In this insightful session, Jim Richards and Brendan Brothers discuss the limitations of the current one-size-fits-all approach to compliance and anti-money laundering. Learn why segmentation is effective at fighting fraud, and how these lessons can be applied to transform the AML industry.

    Learning Objectives
    - Review of the limitations of current AML approaches and technologies to -effectively fight financial crime
    - Understand how segmentation improves fraud detection and how these lessons can be applied to strengthen anti-money laundering efforts
    - Learn how innovative technologies and customer segmentation will transform the AML industry
  • How Do You Find Your High-Risk Customers? Recorded: Jan 10 2020 59 mins
    Corey Lynch, Verafin
    Presented by Verafin

    Financial institutions invest significant time and resources into identifying customers in high-risk categories, such as Private ATM Owners, Money Service Businesses (MSBs), Marijuana-Related Businesses (MRBs), Non-Governmental Organizations or Charities (NGOs), Cash Intensive Businesses (CIBs), and more.
     
    Unfortunately, for most compliance professionals these processes are primarily manual today. Continuously updating and reviewing reports and spreadsheets can hinder your ability to meet examiners expectations, fulfill compliance requirements, and follow your institution’s policies for uncovering high-risk customers.  
     
    Join us to learn how to alleviate manual processes for identifying higher-risk customers, automate due diligence processes, and strengthen your overall compliance program.

    Highlights of this webinar:
    - Review of CDD/EDD requirements and expectations for higher-risk categories of customers as outlined in the FFIEC BSA/AML Examination Manual.
    - Discussion on the challenges and potential risks of conventional processes for manually identifying and managing high-risk customers.
    - Overview of new technology approaches with targeted monitoring for risk factors, alerting you to unidentified higher-risk categories, including:
    > Private ATM Owners
    > Money Service Businesses (MSBs)
    > Marijuana-Related Businesses (MRBs)
    > Non-Governmental Organizations (NGOs) or Charities
    > Cash Intensive Businesses (CIBs)
  • Artificial Intelligence and Machine Learning to Fight Financial Crime Recorded: Dec 27 2019 54 mins
    Brendan Brothers, Verafin
    Panel Discussion

    An engaging panel of industry leaders will provide their insights into the role of new technologies to fight financial crime. The experts will highlight the need to separate reality from the hype by discussing the benefits of artificial intelligence and machine learning through the lens of real-life cases.

    Learning objectives of this CAMS-accredited webinar:

    - Understand the challenges and limitations of conventional technology in an increasingly complex financial crime landscape.
    - Review of real-life cases where technology played a critical role to enhance detection, strengthen investigations, and improve reporting to law enforcement.
    - Gain insights from industry leaders on the future of crime-fighting technology including artificial intelligence and machine learning.

    Join us for this engaging panel with industry experts, as they highlight the need to separate reality from the hype by discussing the benefits of artificial intelligence and machine learning through the lens of real-life cases.
  • Crime Rings: The Intersection of Fraud and Money Laundering Recorded: Dec 20 2019 55 mins
    Verafin
    Presented by Verafin

    Banks and credit unions are facing significant challenges to prevent financial crimes, such as money laundering and terrorist financing, as criminals become more sophisticated in their efforts to evade detection.
     
    From criminal groups amassing millions in illicit profits by orchestrating online fraud schemes, to Human Trafficking, Human Smuggling, and Drug trafficking organizations using mule networks to facilitate the movement of criminal proceeds across borders — crime rings operating across multiple institutions are a real and growing threat.
     
    Join us for this educational webinar, as we provide insights into the trends and typologies of crime ring activity. We will discuss the intersection of fraud and money laundering activity in the context of organized criminal networks and provide real-life examples
     
    In this educational webinar, you will learn:
    - The role of fraud schemes in funding criminal organizations
    - Tactics used by criminal groups to move illicit funds through the US financial system
    - Walk through of real-life examples of crime rings that span multiple institutions
    - How technology and collaboration can overcome the challenges of a single institution’s limited view of activity.
  • Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses Recorded: Dec 13 2019 50 mins
    Scott Peddle, Verafin
    In this digital age, vast amounts of compromised customer information from data breaches and fraud scams is readily available for purchase on the dark web. To further their illicit schemes, fraudsters can use your customer’s personal and financial information to create fictional or partially fabricated identities in an emerging trend known as synthetic identity fraud.

    With combinations of fake and real identifying information, fraudsters use these synthetic identities to apply for new accounts, products or auto loans. Crime rings often utilize synthetic identities in large, ongoing financial fraud schemes, repeating these crimes at multiple institutions, exponentially increasing the potential for loss.

    Join us as we discuss the challenges facing financial institutions when combatting synthetic identity fraud in various forms of financial crime, such as loan fraud, deposit fraud, electronic transfer fraud, and new account fraud.

    In this presentation we will discuss:

    - The scale of synthetic identity fraud and how it relates to other financial crimes
    - Common ploys fraudsters use to commit synthetic identity fraud
    - Challenges facing financial institutions to mitigate fraud losses involving - synthetic identity fraud and other evasion methods
    - Real-life examples of fraud schemes and crime rings employing synthetic identity fraud and related illicit activities
    - Best practices and innovative approaches for fraud detection and investigation
  • Employee Fraud: Understanding the Threat from Within Recorded: Dec 6 2019 42 mins
    John Hawkin, Verafin
    Presented by Verafin

    In order to protect themselves from evolving external threats, financial institutions continue to strengthen their fraud controls by deploying fraud detection solutions across a variety of channels. However, it is imperative that financial institutions do not overlook the threat from within.

    Financial institutions are especially vulnerable to employee fraud, as fraudsters within the organization have access to large amounts of personal identification information and financial transactional data, along with access to customer accounts. While these schemes can add up to significant fraud losses for financial institutions and their customers, they can also enable other illicit activity and pose significant compliance concerns.

    Join us for this insightful presentation, as we discuss the financial and reputational risks, as well as the potential compliance concerns of employee fraud. Learn the tactics used by internal bad actors and best practices to mitigate losses, including how appropriate monitoring of both employee access logs and transactional activity can alert institutions to fraudulent activity by employees.

    In this educational presentation, you will learn:
    - The scale of the crime of employee fraud, including the potential for losses and compliance considerations
    - Review tactics internal bad actors use to commit fraud against financial institutions
    - Best practices to mitigate losses and protect your institution from internal threats, - including appropriate monitoring and fraud controls
  • Fraud Prevention: Leveraging Big Data and Collaborative Investigations Recorded: Jul 17 2019 61 mins
    Scott Peddle, Product Manager, Verafin
    In this session, Scott Peddle, Product Expert at Verafin, will discuss the evolution of financial crime and how financial institutions can embrace innovative approaches to proactively prevent fraud and combat crime-ring activity.

    Learn how financial institutions can leverage big data, machine-learning technology and 314(b) information sharing for effective fraud prevention. This includes proactive trend identification, reduction in false positive results and collaborative investigations of multi-institutional crime-ring activity.

    Highlights:
    - Limitations of conventional fraud prevention approaches that rely on limited data sets and approaches in today’s increasingly complex financial crime landscape
    - Big data intelligence approach for financial institutions that leverages machine-learning technology and 314(b) information sharing to mitigate losses and prevent fraud
    - Walk-through of a real-life crime-ring case to learn how data and technology played a critical role to enhance detection, strengthen investigations and improve reporting to law enforcement
  • Fraud Prevention and Management — What’s the Difference? Recorded: Apr 26 2018 22 mins
    Verafin
    As financial institutions add additional layers of protection to detect and prevent fraudulent activity, managing your alert volume, tracking dispute, and reporting losses can become increasingly more difficult if there are multiple detection systems across different fraud and operational teams.
     
    Join us for a 20-minute session on the benefits of consolidating fraud prevention and management functions with a quick overview of Verafin’s Enterprise Fraud Platform. Learn how to reduce losses, get a complete picture of true fraud, and meet compliance requirements for filing SARs on fraudulent activity.
     
    Highlights of this 20-minute presentation:
    - Comparison of Fraud Management versus Fraud Prevention and how siloed processes and teams create inefficiencies, as fraud continues unabated.
    - Review of principles of Fraud Management including the activities that increase or decrease the likelihood of loss.
    - Overview of Verafin’s Fraud Prevention and Management capabilities for deposit, check, card, wire/ACH, online and loan fraud, as well as reporting, automated SAR efiling, overdraft charge-offs, card fraud disputes, and more.
  • Today’s Risk Landscape: High Risk Customer Groups Recorded: Mar 14 2018 64 mins
    Corey Lynch, Verafin
    Presented by Verafin

    FinCEN’s final rule on Customer Due Diligence Requirements has brought increased scrutiny on compliance programs to understand the nature and purpose of customer relationships on an ongoing basis. With this increased regulatory pressure, it is more important than ever that financial institutions adopt an end-to-end, risk-based approach to their due diligence and risk management processes.
     
    Join us for this educational webinar as we discuss challenges facing financial institutions in navigating today’s risk landscape, with a focus on High-Risk Customer categories, such as NRAs, MSBs, MRBs, ATM Owners, PEPs, and NGOs. We will also provide an overview of steps to adopting a risk-based approach including identification, assessment, monitoring and review of these high-risk customer groups.

    Highlights of this webinar:

    - Examine regulatory requirements and obligations related to ongoing customer due diligence, and the potential impact on financial institutions’ processes and procedures.
    - Outline industry approaches to managing high-risk customer categories, and the potential impact from de-risking groups of customers.
    - Learn best practices for meeting due diligence requirements for ongoing monitoring and reviewing high-risk customers.
    - Review of how a risk-based approach can strengthen your AML program, by identifying, assessing, monitoring and reviewing high-risk customers.
Industry and Technology Insights for Banks and Credit Unions
Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. More than 2600 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations.

Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today.

Verafin's is considered an industry thought-leader, with aeep understanding of financial crime typologies and innovative technology approaches. We provide educational webinars, regional seminars, and valuable resources to help financial institutions navigate the challenges of today's complex financial crime landscape.

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  • Title: Learning from Fraud Detection: Segmenting AML to Fight Financial Crime
  • Live at: Jan 17 2020 5:30 pm
  • Presented by: Brendan Brothers
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